- S&P 500 reached a new all-time high on Wednesday.
- Financial stocks post impressive gains on the back of rising T-bond yields.
The S&P 500 Index (SPX) opened in the positive territory but staged an impressive rebound and touched a new record high as investors look forward to additional government spending with Democrats taking control of the US Senate. As of writing, the SPX was up 1.3% on the day at 3,775.
S&P 500 top movers
The 10-year US Treasury bond yield surged to its highest level in 10 months and was last seen gaining nearly 9% at 1.044%. Among the 11 major S&P 500 sectors, the rate-sensitive Financials Index is the top performer on Wednesday, rising more than %.
Meanwhile, Zions Bancorporation NA (ZION: NASDAQ) is the biggest daily percentage gainer, up 11.45% at $48.60. On Tuesday, Baird announced that it raised its target price for ZION to $45 from $41.
Furthermore, Centene Corp (CNC: NYSE), the largest Medicaid managed care organization in the US, is capitalizing on prospects for a Democratic majority and is advancing 10.5% on the day at $67.45.
On the other hand, Alexandria Real Estate Equities Inc (ARE: NYSE) and Equifax Inc (EFX: NYSE) shares lose more than 3% as the worst performers of the day.
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